Fidelity Bank Clarifies CEO, Onyeali-Ikpe’s Purchase of Additional 18 Million Shares

Kayode Tokede 

Fidelity Bank Plc yesterday clarified the recent purchase of an additional 18,000,000 units of its shares at N20.35 each by its Managing Director/Chief Executive Officer, Mrs. Nneka Onyeali-Ikpe.

The shares were purchased in a transaction on May 19, on the Nigerian Exchange Limited (NGX).

In November 2024, Onyeali-Ikpe, had increased her stake in the bank by acquiring an additional 10 million shares, valued at N157.9 million.

However, the Divisional Head, Brand and Communications, Fidelity Bank, Dr. Meksley Nwagboh, in a statement posted on the NGX yesterday, stated, the lender was constrained to respond to a patently false, misleading and malicious publication against Fidelity Bank Plc and its MD/CEO, by an online platform.

He noted that the article, published on May 21, 2025, contained fabricated information about the bank and its CEO, that included blatantly “false allegations that its MD/CEO took personal advantage of material price sensitive information to engage in insider trading and used the bank’s funds to purchase 18 million units of its shares.”

According to him, “based on the fact that Fidelity Bank is a public quoted company regulated by the NGX and subject to the Listing Rules of the NGX as well as the Regulations issued by the Securities and Exchange Commission (SEC), it unequivocally confirm that the given the gravity of the false allegations in the malicious publication, which were not only maliciously intended to impugn the hard-earned reputation of the bank and its MD/CEO, but to also mislead the investment community and general public.

“We by a letter dated May 22, 2025, formally requested that the NGX carry out an independent review of the referenced share purchase transaction based on extant trading rules by insiders and revert with its findings.”

He noted further that in response to request for an independent review, the NGX by a letter dated May 22, 2025, confirmed unequivocally that: “Following the filing of the bank’s 2025 Q1 UFS on 30 April 2025, the Directors and other insiders of the Bank became eligible to trade on the securities of the bank after 24 hours.

“Fidelity Bank remains a very strong, profitable and responsible financial institution and amongst the most capitalised banks in Nigeria today with international operations.

“As a responsible financial organization with a history of strong corporate governance standards, we wish to assure all our customers and stakeholders of our unwavering commitment to upholding the highest level of ethical standards in all our dealings.

“Furthermore, we shall pursue all legal remedies available to us in relation to these malicious and sponsored publications which were clearly intended to defame the character of our Managing Director/CEO and cause reputational damage to the institution,” Nwagboh added in a statement.

“The CEO’s substantial personal investments serve as a powerful testament to her confidence in Fidelity Bank’s strategic direction and financial health. By increasing her stake during a period of legal scrutiny, Onyeali-Ikpe sends a clear message of stability and trust in the institution’s governance and operational integrity,” the statement added.

The tier-one lender’s balance sheet remains solid, with total deposits increasing by 11.1per cent year-to-date to N6.6 trillion, and net loans and advances growing by five per cent to N4.6 trillion. These figures highlight Fidelity Bank’s strong liquidity position and its capacity to support large-scale projects and absorb financial shocks.

 Meanwhile, the stock price of Fidelity Bank dropped to N18.65 per share yesterday, from N20.80 per share it opened for trading this week.